Tuesday, 6 August 2013

Latest as on June 26 2013 -- SAROVER NIGAM BOND CASE HEARING

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The issue is sub-judice before Hon’ble Supreme Court and it is for Hon’ble Supreme Court to decide the correct redemption date in the matter considering all the facts. The brief of the matter are as following: .

1. In the captioned matter, some of the DDB holders filed Writ Petitions before Gujarat High Court and Bombay High Court inter-alia challenging the constitutional validity of the Sardar Sarovar Narmada Nigam Limited (Conferment of Power to Redeem Bonds) Act, 2008, whereby SSNNL DDB's were prematurely redeemed.

2. In response, State of Gujarat filed the Transfer Petition No. 1-2 of 2009, before the Hon’ble Supreme Court to transfer the W.P. No. 2812 and 2869 of 2008, pending before the Bombay High Court to Gujarat High Court, respectively.

3. The Transfer Petition was taken up on January 12, 2009, by the Hon’ble Supreme Court. After hearing the argument at some length, the Hon’ble court was pleased to issue the notice in the matter and suspended the proceeding of the petitions pending before Gujarat and Bombay High Court.

4. SEBI also filed Transfer Petition No. 193-202 of 2009-SEBI Vs. State of Gujarat, praying Hon’ble Court to transfer petitions pending before Gujarat and Mumbai High Court or any other proceeding before any other court related to the matter to the Hon’ble Supreme Court.

5. SEBI informed the Hon'ble Supreme Court in its Transfer Petition that the premature redemption of DDBs at Rs. 50,000/- each on 10.01.09 completely ignores the fact that the DDBS were listed on ten stock exchanges and were traded at a price higher than the redemption price prior to the enactment of the impugned Act. These bondholders who purchased DDBs in the secondary market will suffer capital loss as well as loss of interest for the holding period.

6. Further, SEBI stated that the Company in its prospectus dated 29.09.1993 had promised the payments of Rs.1,11,000/- at the end of the maturity period of 20 years on the discounted Bonds of Rs. 3,600/- which was duly guaranteed by the Government of Gujarat. The Government of Gujarat and the Company, are thus estopped on the principle of promissory estoppel from seeking to resile from the contractual obligations under the DDBs as also under the guarantee by the Government of Gujarat.

7. SEBI also stated in its transfer petition that the basic challenge to the impugned Act is on account of lack of legislative competence of Gujarat Legislature to legislate the enactment on a subject matter which is in the teeth of Central Legislations like The Companies Act,1956, Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956, Contract Act, 1872 and the Negotiable Instruments Act, 1881 and specifically to avoid the statutory mandatory compliances under such Acts which are not permissible in law enacted by a State as the same is ultra vires the provisions of the aforesaid Central Legislations. The impugned Act deals with matters which are provided under the laws made by the Parliament and thus amounts to usurping the legislative functions of the Parliament by the State Legislature .

8. The Transfer Petition was allowed by the Hon'ble Supreme Court vide order dated September 17, 2010. After the transfer Petitions were allowed, the Cases get transferred from the respective High Courts to Hon'ble Supreme Court. The matter is now pending in Supreme Court as T.C. (Civil) No. 25 of 2011- Maharashtra State Electricity Board Cont. P.F. Vs. Sardar Sarover Narmda Nigam Ltd & Ors.

9. SEBI advocate vide e-mail dated April 2, 2013 has informed that the copies of all the W.P.'s pending in various High Court has been filed before the Hon'ble Supreme Court on 12.02.2013 & 14.02.2013.

10. The matter was listed before the Learned Registrar on 08.03.2013 and Learned Registrar of Hon'ble Supreme Court has given direction to the concerned High Court to forward the report on status of certificate of service with respect of the respondent, on priority basis.

sir, thanx. pl send me updates on my mail (banginwarsunil@gmail.com). Gujrath Govt is harrashing to all investors of SSNNL-DDB by ammending the act & implimentig it retrospectively. All indians had hope from Suprem Court of India....BANGINWAR SUNILKUMAR

Thank you very much for sharing this information about SSDDB .I am holding some bonds and waiting for redemption in jan 2014.Hope SC decides the case before jan 2014 which looks highly unlikely.We have no option but to wait for our right. Gujrat Govt. under Mr. Modi brought the unholy resolution for premature redemption of Bonds.Mr Modi our future P.M. be reasonable.

Dear Mr. Santosh,I have gone almost every blog and the quires people have asked and your replies which are all updated and positive. I personally would like to thank you for keeping us all updated about the developments.Me too having Bond in my name and was waiting for the maturity date but knowing the facts now am a bit worried.It is requested to put me also in loop ,my mail id is ppuma03@gmail.com

Thanks for the latest information. Kindly include me for future updates in your mailing list. I also have two DDB & waiting for Hounrabal SC for the judgement in favour of public.my email address is dilipsinghbhansali@gmail.com

I understood that now it not possible to find a buyer for my one bond.Is any one got response from forum / blog writer?is there any hope to get what was promised at time of issue?Is there any agency / person who is buying this bond/s at present?

"Dear Sir, Hi this is Siddique, My father had brought the bond on 7th Jan 1995 and the maturity is on Jan 2014. Just now called to the number of SSNNL and they had informed call us back and we need to submit our bonds in post. For submitting we must follow the process mentioned over the url http://www.sardarsarovardam.org/assets/SitepagesDocument/SPD, Sir we are really concerned about it pls help us below are my contact details you can be in touch with me for future updates.

Hi, I was not aware of the happenings till now. Someone had contacted me to sell the bond in 2008. I checked out this on Google as the time for redeeming is close Jan '2014, and got the shock of my life! . I'll watch out for the status on this blog.

Hi, my father is holding 3 such bonds which he has still not redeemed. Should I redeem those bonds at 50000 each per bond or should I wait. Also please guide me through the procedure for redeeming these bonds. Thanks. My email Id is- cagaganbhatia@gmail.com

I have SSNL DDB since 1995 maturity is on 11-01-2014, can you please explain me the matter, what happened and why these cases running in the supreme court. my email ID : shekhar_response@rediffmail.com

Firstly i thank you for keeping us all updated on the issue of SSNNL DDBs.

In my case, when i was a minor, my grandfather (who passed away in 1994 while i was 6 years old) had purchased the bonds for me with him as my guardian. Later, we moved our home and the new address was not informed to SSNNL, so the scope for any correspondence from SSNNL was also cut off.

On doing some research, i came to know that the letter of allotment was supposed to be sent to the SSNNL office for them to give us the bonds. This activity was not done due to the reasons stated above and as of now i hold only the letter of allotment.

I request you to kindly add me to your mailing list so that i can stay updated on the issue and also kindly guide me with my additional problem of not having the bonds but only allotment letter. My email id is mayurshah.jas@gmail.com

Dear Sir!We have bought SSNL DDB since 1995, maturity of these bond will be on 10th jan 2014. We were unaware about the case proceedings. Can you please guide us as in how to redeem these bonds and the future updates regarding thus case.Please add me in your contact list .... My details are below hereDolly sharmaEmail id - sharma.dolly36@gmail.com

Dear Sir!We have bought SSNL DDB since 1993, maturity of these bond will be on 10th jan 2014. We were unaware about the case proceedings. Can you please guide us as in how to redeem these bonds and the future updates regarding thus case.Please add me in your contact list .... My details are below hereRAHUL PORWALEmail id - porwalrahul85@gmail.com

Hello, I am holding 2 such bonds which he has still not redeemed. Should I redeem those bonds at 50000 each per bond or should I wait. Also please guide me through the procedure for redeeming these bonds.Thanks. My email Id is- biswas.prabir.kr@gmail.com

HiI also hold 1 bond for maturity in Jan 2014, however only now I have come to know that the Guj Govt had called for redemption way back in 2008-09. I am sore and would want to wait for finality on this issue. Please let me have updates on robin_vargh@yahoo.com

plz do inform me also on my email id puja.purbia05@gmail.com. my parents r also holding these bonds. plz suggest me i need your help, my parents are not knowing about its early redemption as no information was communicated to my parents before early redemption

I am dinesh . I am also a bond holder. I was awaiting for this money to pay my final year college fee . I came to know about the compulsory redemption only by yesterday. I was totally feeling helpless and hopeless. But after seeing this blog I'm feeling relieved. Pls update me the status. My email: dinesh271991@gmail.com

dear Sirpls include me in mailing listdeep131@live.com , My Dad Subscribed to this and he is getting restless now I feel concerned for him as he used to talk about this investment and was looking forward to the maturity , any help in this regard would be greatly appreciated , RegardsPradeep

i am holder of deep discount bond which was due to be matured on 11th jan 2013.But today only i came to know that this has been subjudiced and now pending in the Gujrat High Court.Sir, do we hope that something positive will come out of this case.Or this will be prolonged like other pending cases in the High Courts.Kindly keep us updated on this issue.I have not sent my original bond certificate to the H.O of the said company. Pl reply

Thanks a lot Sir. Your update has given me some piece of mind. I had taken two bonds @ Rs.3600 keeping my daughters marriage in mind. Today seen the development and felt cheated. Please include my email id sami2live@gmail.com in your mail list for updation. Thanks a lot again.

Thanks a lot for updating the informations for Sardar Darovar Narmada Niga Limited DDB holders. I am also one among them. Hope we will get the full amount without much late with the personal intervention of Hon'ble Mr Narendra Modi, CM Gujarat . Hope he will do the justice for all bond holders.samyji@gmail.com

I am holder of deep discount bond which will be redeem on 11th january 2014. Today only i came to know that this has been subjudiced and case is pending. I hope in the interest of the investor positive outcomes will come in the Supreme Courts.Please keep me updated on this issue. kotharidrnarendra@gmail.com

I am holder of two deep discount bond (3600/- each) which are to be redeem on 11th January 2014. Today only I came to know that this has been subjudiced.Please include me for further update.binodkumardobhal@gmail.com

Dear SirI have One Deep Discount Bond Certificate issued by SSNNL, which is due for Redemption on 11/1/2014. I did not receive any notice for Pre-mature redemption and came to know about it today when I was searching for Application Format for Redemption. Pl. advise me should I hold it or apply for redemption. I will get only Rs.50,000/- Pl. include me in your Mailing List and update me on the status of the case. My e-mail ID is as under:chander2112@yahoo.co.in

Hi i too have a bond. I was unaware of the premature redemption. Plz guide me on the procedure to redempt my amount and kindly add my email id prathiraj143@yahoo.com for updates and steps to be taken to apply for redemption.

Hi i too have a bond. I was unaware of the premature redemption. Plz guide me on the procedure to redempt my amount and kindly add my email id chetancpant@gmail.com for updates and steps to be taken to apply for redemption. Also please help me whether i should wait or redeme

Hi Thanks for your valuable inputs..as the day has come to get the return we deserve..Please let us know what is the decision.. how to get the full amount?Please include my mail id to : kumarjyotidey@gmail.com

I am also a holder of SSNNL deep discount bond and today only came to know about premature redemption. Kindly include my mail ID :spr1942@gmail.com for updates and also advise further action to be taken. Pl help us.S.Prabhakar,Bangalore, 10.01.2014

thaks for the helpfull update. i am holding 3 bonds sice 1993. but now i amfeel cheating by gujrat govt. but i hope to honable court. he will do the justice in favour of all bond holder. pl. add to me in your mail list for updated on this issue....... shivjhs66@gmail.com

I am also a holder of SSNNL deep discount bond and today only came to know about premature redemption. Kindly include my mail ID : nimarjit2@yahoo.co.in for updates and also advise further action to be taken. Pl help NIMAR JIT SINGH

dear sir,i have also purchased the same but today i come to know that redemption period was in 2009. sir i want to know whether i can apply for the redemption now? sir plz do reply..my emailid is alokrai8157@gmail.com thankyou in advance

dear sir,i have purchased the two nos DDB in 1994 which were due for redemption on 11.01.2014 but today i come to know that redemption period was in 2009. sir i want to know the latest status ? sir plz do reply

i am also holder of a SSNNL bond. pl keep me posted with the updates. my mail i d is songadaniel46@gmail.com. i really don't know any thing. i will let you know if i come across something new. if you no any thing latest in this regard pl keep me updated. thank you

I am holder of two deep discount bond (3600/- each) which are to be redeem on 11th January 2014. Today only I came to know that this has been subjudiced.Please include me for further update.mekarahulguru@gmail.com

I am Sunita Bala, My redemption month for SSNNL bond is Jan 2014 (20 years complete); Request you to please include my Email ID in the updates about this court case- thanks. My ID is - "gulianinift@gmail.com".

Also please share the contact number of MCS Limited as I am not able to reach out the numbers mentioned on bond documents. please help, thanks.

Dear SirI have Five Deep Discount Bond Certificates issued by SSNNL, which is due for Redemption on 11/1/2014. I did not receive any notice for Pre-mature redemption and came to know about it today when I was searching for Application Format for Redemption. Pl. advise me should I hold it or apply for redemption. Will I get only Rs.50,000/- Pl. include me in your Mailing List and update me on the status of the case. My e-mail ID is as under:edassery.securities@yahoo.com

I have a SSNNL Deep Discount Bond. & the date of maturity was 11.01.2014. I wants to know the latest update for getting it encashed. Please let me know the procedure by my email id: mail4dibyendu@gmail.com

I Subash dhar, I am holder of one SSNNL Deep discount bonds, the date of maturity is 11.01.2014. Please let me know the procedure for getting back the matured amounts. My email ID is dharsubashchander@gmail.com

HiI also hold 2 bonds for maturity in Jan 2014, however only now I have come to know that the Guj Govt had called for redemption way back in 2008-09. I am sore and would want to wait for finality on this issue. Please let me have updates on peerkhanmk@gmail.com

ur information provided is very helpfull for bond holders, please include my ID as well for updates as maturity date is about to come in January and no idea about the status. please inform me....my id is senty86@gmail.com

Thanks a lot for updating the informations for Sardar Darovar Narmada Niga Limited DDB holders. I am also one among them. Hope he will do the justice for all bond holders.Kindly add me to your mail list for latest updates. My mail ID -usha.rai48@yahoo.in

"Dear Sir, Hi this is Ghangare, My father had brought the bond on 7th Jan 1995 and the maturity is on Jan 2014. Just now called to the number of SSNNL and they had informed call us back and we need to submit our bonds in post. For submitting we must follow the process mentioned over the url http://www.sardarsarovardam.org/assets/SitepagesDocument/SPD, Sir we are really concerned about it pls help us below are my contact details you can be in touch with me for future updates.

Thanks a lot for updating the informations for Sardar Darovar Narmada Niga Limited DDB holders. My father is also one among them. Hope he will do the justice for all bond holders.Kindly add me to your mail list for latest updates. My mail ID -ashwini.krishnanaik@gmail.com

Thanks a lot for updating the informations for Sardar Darovar Narmada Nigam Limited DDB holders. My father is also one among them. Hope he will do the justice for all bond holders.Kindly add me to your mail list for latest updates. My mail ID -drmarketing17@gmail.com

I have bond.Its matured on 11-1-2014.I am not able to contect them.Do you know how to contect them and what is the redemption process?Can you please keep me informed at rakeshkumard63@gmail.com.....Thanks a lot....

We are also holding the SSNNL bonds. Please keep me updated. What I understand is they are ready to pay 50,000 rupees rather than 1,11,000 which they promised. Is the case running on this? Or they are not ready to pay even 50,000 rupees. Please let me know.

I AM A SSNL BOND HOLDER. MAY I KNOW PRESENT ISSUE AND MAY I BE INFORMED OF THE PROCEDURE TO BE FOLLOWED FOR REDEMPTION OF THE MATURE VALUE. MY MAIL ID. IS penchalaiahr @yahoo.com penchalaiah r. nellore,A.P.